10 Best Free Saving Accounts for Stashing Your Cash

Saving money can be tough, but having the right tools can make all the difference. Ally Bank's Online Savings Account offers a competitive interest rate of 2.20% APY, making it a great option for those looking to earn some extra cash.

Some free saving accounts are designed with specific needs in mind, such as the Discover Online Savings Account, which has no minimum balance requirement and no monthly maintenance fees.

If you're looking for a free saving account with a high-yield interest rate, the CIT Bank High Yield Savings Account is a great choice, with a rate of 2.15% APY.

For those who prefer to manage their finances on-the-go, the Capital One 360 Savings Account offers mobile banking and a user-friendly online interface.

If you're looking for a no-fee savings account, consider the 360 Checking account, which has no fees or minimums and offers a top-rated mobile app.

The 360 Checking account also provides access to 70,000+ fee-free ATMs nationwide, making it a convenient option for everyday use.

You can also check out the 360 Performance Savings account, which offers a fee-free online savings option with one of the nation's top savings interest rates.

The Marcus by Goldman Sachs High Yield Online Savings account is another solid option, offering a strong APY and no minimum balance or deposit requirements.

Synchrony Bank High Yield Savings is also worth considering, with a strong APY and no minimum balance or deposit requirements.

Here are some key features of the top no-fee savings accounts:

These accounts all offer a range of benefits, including high APYs, no fees, and no minimum balance requirements.

If you're looking for a high-yield savings account, you have several options to consider. Discover Online Savings offers a 3.75% APY with no fees or minimum balance requirements.

Some online savings accounts have restrictions on withdrawals or transfers, but not all of them. Marcus by Goldman Sachs High Yield Online Savings, for example, allows unlimited withdrawals and transfers, giving you more flexibility.

Here are some online savings options to consider:

Each account has its own benefits and drawbacks, so be sure to read the fine print and choose the one that best fits your needs.

Discover Online Savings is a great option for those looking for a no-fee savings account. It offers a 3.75% APY, which means you'll earn a solid interest rate on your savings.

One of the standout benefits of Discover Online Savings is its user-friendly mobile banking app. With this app, you can track your savings goals and see how much interest you've earned over the year.

However, it's worth noting that Discover Online Savings has some limitations on withdrawals and transfers. You're allowed up to 6 free withdrawals or transfers per statement cycle.

Here are some key features of Discover Online Savings at a glance:

If you have a Discover checking account, you'll also have access to ATMs. However, terms apply, so be sure to review the details carefully.

The 360 Checking account from Capital One is a great option for everyday banking needs. With a top-rated mobile app, you can easily manage your finances on the go.

You can enjoy variable APY without worrying about any fees or minimums. No fees or minimums means you can use your account without extra charges.

One of the best features of 360 Checking is the extensive network of fee-free ATMs. With over 70,000 ATMs nationwide, you'll never be far from a convenient place to withdraw cash.

Your savings are FDIC-insured, which means they're protected in case the bank experiences financial difficulties. This gives you peace of mind knowing your money is safe.

You can earn a competitive interest rate of 4.01% APY with a UFB Portfolio Savings account.

This means you can earn interest on your savings without having to worry about minimum deposit or balance requirements. In fact, you don't need to deposit a single dollar to get started.

Here are some of the key benefits and features of a free saving account:

The UFB Portfolio offers a savings account with a 4.01% APY, making it a great option for those looking to grow their savings over time.

You can open a UFB Portfolio savings account with just $0, and there's no minimum balance required to avoid fees. This means you can start saving right away without worrying about any minimums.

One of the benefits of the UFB Portfolio savings account is that it has no monthly maintenance or service fees. This can help you save even more money in the long run.

If you do happen to overdraft your account, you may be charged a fee, but you can also opt for overdraft protection to avoid this issue.

With the UFB Portfolio savings account, you'll get a free ATM card with unlimited withdrawals, making it easy to access your money when you need it.

The 360 Performance savings option offers some great benefits for those looking for a fee-free online savings account. With a fixed APY, you can earn interest with guaranteed returns.

One of the standout features of 360 Performance is its high interest rate - 3.80% APY to be exact. This is a strong APY, especially considering there's no minimum balance or deposit required.

The account also offers a convenient option for savers who value in-person banking, with multiple physical branch locations. This is a big plus for those who like to have a human touch when it comes to banking.

Here are some key benefits of the 360 Performance Savings:

It's worth noting that while the 360 Performance Savings has its perks, there are higher APYs offered elsewhere. However, for those who prioritize in-person banking, this option is definitely worth considering.

The Bask Interest Savings Account is a great option for those looking for a high-yield savings account. It offers a strong APY of 5.10%.

One of the standout benefits of this account is that it has no minimum balance requirement and no monthly service charge. This means you can save as little or as much as you want without incurring any fees.

You can make up to 6 withdrawals or transfers per statement cycle, which is a generous limit. However, there's no option to add a checking account, so you'll need to keep your savings separate from your everyday spending money.

The Bask Interest Savings Account is also a great choice for frequent travelers, as it offers a Bask Mileage Savings Account that earns American Airlines AAdvantage miles. With this account, you'll earn 2.5 miles for every $1 saved annually.

Here are the key features of the Bask Interest Savings Account at a glance:

Don't let monthly fees chip away at your savings goals. To find the right savings account for you, compare features like annual percentage yield (APY), fees, accessibility, and any account requirements.

LendingClub offers an APY of 4.30% to 5.15% with a $0 minimum deposit to open. Newtek Bank boasts a 5.25% APY with no minimum deposit required.

Bread Savings offers a 4.75% APY but requires a $100 minimum deposit to open. Bask Bank has a 4.85% APY with no minimum deposit needed.

TAB Bank offers a 4.52% APY with no minimum deposit required. Laurel Road also offers a 4.50% APY with no minimum deposit to open.

Varo Bank offers an APY of 3.00% to 5.00% with no minimum deposit to open. UFB Direct offers a 4.57% APY with no minimum deposit required.

CIT Bank offers an APY of 0.25% to 4.70% with a $100 minimum deposit to open. Upgrade offers a 4.69% APY but requires a $1,000 minimum deposit to open.

Panacea Financial offers a 4.30% APY with a $25 minimum deposit to open.

Consider if you value in-person banking or if you're fine with an online-only bank, as most free savings accounts are online-only accounts.

You can filter down options based on this preference, making it easier to find a bank that fits your needs.

To further narrow down your options, consider the highest savings APY offered by each bank, as this will give you the best return on your savings.

Opening a bank account is a straightforward process that can be completed quickly. Most banks take less than 10 minutes to apply for a new account.

To get started, you'll need a government-issued ID, such as a passport or driver's license. A Social Security number is also required. Your address, contact information, and date of birth will also be needed.

You'll also need a checking account routing number to deposit money into your new account. This is a standard requirement for most banks.

To choose the best bank for you, consider whether you value in-person banking or if you're fine with an online-only bank.

Most free savings accounts are online-only accounts, so this is an important factor to consider.

You can rank options based on the highest savings APY offered.

FDIC insurance coverage limits are also a key consideration when choosing a bank.

Having access to funds through ATM cards can be a convenient perk.

Many banks offer educational tools and other financial products, such as checking accounts, credit cards, and loans, to their customers.

The Affirm Money Account is a solid option for those looking for a fee-free savings experience. It offers a 4.35% APY, which is a strong interest rate.

You can access your account online or through the Affirm app, available on both the App Store and Google Play. No minimum balance is required to open an account, making it a great option for those who want to save without any hassle.

One of the notable benefits of the Affirm Money Account is the ability to make more than 6 withdrawals or transfers in a monthly statement period. However, transaction amount limits do apply.

Here are some key benefits of the Affirm Money Account:

While the Affirm Money Account has its advantages, it's worth noting that higher APYs are offered elsewhere. Additionally, the debit card is not available to everyone yet and doesn't allow ATM access.

Free savings accounts have their downsides.

One major con is that higher returns are often offered elsewhere, so you might not be getting the best deal.

Limited in-person banking is also a drawback, as most free savings accounts are provided by online-only banks.

One of the best things about this account is that it offers a strong APY, which means you can earn more interest on your savings over time. This is a great way to grow your money without having to do much work.

There's no minimum balance or deposit required to open this account, making it super accessible to anyone who wants to start saving. This means you can start building your savings right away without any hassle.

Another perk is that there are no monthly fees, which is a huge relief for anyone who's tired of paying unnecessary fees. This account is designed to be hassle-free and easy to use.

If you want to take your banking experience to the next level, you can even add a checking account with ATM access. This gives you the freedom to manage your money on the go and make withdrawals when you need to.

Need help at 2am? This account has got you covered with 24/7 customer support. Whether you have a question or need assistance with a transaction, someone will be there to help.

You can also deposit checks remotely using your smartphone, which is super convenient and saves you time. Just take a picture of the check, and the funds will be deposited into your account.

Lastly, if you're looking for financial guidance, the Modern Money Blog is a great resource. It offers helpful advice and tips to help you make the most of your money.

Free savings accounts may not be the best option for everyone.

One major con is that they often offer lower returns compared to other savings options.

For example, you may be able to get a higher return by investing in a different type of savings account or even a high-yield savings account.

Limited in-person banking is another drawback of free savings accounts.

Most are provided by online-only banks, which means you'll need to manage your account entirely online or through mobile banking.

This can be inconvenient if you prefer to do your banking in person.